Fundamental Analysis of GBP/USD for April 10, 2018
April 10, 2018 7:22 am
GBP/USD has been quite impulsive with the bullish gains recently after having a false break below the 1.4050 area with a daily close. As of the recent worse economic reports of USD published on Friday, GBP has gained good momentum having better than expected economic report results which is expected to fuel the upcoming bullish gains in the pair. Recently, GBP Halifax HPI report was published with an increase to 1.5% from the previous value of 0.5% which was expected to decrease to 0.1%. Ahead of the upcoming high impact economic reports like Manufacturing Production and Bank of England Governor Carney to speak about the upcoming monetary policies and interest rate decision, so this week a good amount of volatility is expected in this pair. Today, GBP BRC Retail Sales monitor report has been published with an increase to 1.4% from the previous value of 0.6% which did help GBP to sustain the bullish pressure and MPC Member Haldane is going to speak today which is expected to be quite neutral in nature. On the other hand, today USD PPI report is going to be published which is expected to decrease to 0.1% from the previous value of 0.2%, Core PPI is expected to be unchanged at 0.2% and Final Wholesale Inventories is also expected to decrease to 0.8% from the previous value of 1.1%. As of the current scenario, GBP has been quite optimistic with the economic reports which is expected to have positive impact on the upcoming economic reports and events as well, whereas USD economic reports are expected to have negative impact on the gains of the currency for the coming days of the week. To sum up, GBP is expected to continue its gains against USD further this week.
Now let us look at the technical view. The price is currently residing above the support area of 1.4050-1.4100 from where it is expected to proceed higher towards 1.4250 in the coming days. The recent bullish pressure which broke above the 1.41 price area was quite impulsive in nature whereas certain retracement may occur along the way higher towards 1.4250. As the price remains above 1.4050 with a daily close, further bullish pressure is expected in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD has been quite impulsive with the bullish gains recently after having a false break below the 1.4050 area with a daily close. As of the recent worse economic reports of USD published on Friday, GBP has gained good momentum having better than expected economic report results which is expected to fuel the upcoming bullish gains in the pair. Recently, GBP Halifax HPI report was published with an increase to 1.5% from the previous value of 0.5% which was expected to decrease to 0.1%. Ahead of the upcoming high impact economic reports like Manufacturing Production and Bank of England Governor Carney to speak about the upcoming monetary policies and interest rate decision, so this week a good amount of volatility is expected in this pair. Today, GBP BRC Retail Sales monitor report has been published with an increase to 1.4% from the previous value of 0.6% which did help GBP to sustain the bullish pressure and MPC Member Haldane is going to speak today which is expected to be quite neutral in nature. On the other hand, today USD PPI report is going to be published which is expected to decrease to 0.1% from the previous value of 0.2%, Core PPI is expected to be unchanged at 0.2% and Final Wholesale Inventories is also expected to decrease to 0.8% from the previous value of 1.1%. As of the current scenario, GBP has been quite optimistic with the economic reports which is expected to have positive impact on the upcoming economic reports and events as well, whereas USD economic reports are expected to have negative impact on the gains of the currency for the coming days of the week. To sum up, GBP is expected to continue its gains against USD further this week.
Now let us look at the technical view. The price is currently residing above the support area of 1.4050-1.4100 from where it is expected to proceed higher towards 1.4250 in the coming days. The recent bullish pressure which broke above the 1.41 price area was quite impulsive in nature whereas certain retracement may occur along the way higher towards 1.4250. As the price remains above 1.4050 with a daily close, further bullish pressure is expected in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
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